Asian stock markets are turning in a mixed performance on Wednesday with investors treading somewhat cautiously, reacting to corporate earnings and economic data from the region and amid worries about the situation in Ukraine.
In the Australian market, consumer staples, industrial and mining stocks are among the notable losers. Healthcare stocks are edging higher, while energy and financial stocks are trading mixed.
The benchmark S&P/ASX 200 index is down 15.9 points or 0.3 percent at 5,514.4, off the day's low of 5,503.3. The broader All Ordinaries index, which declined to 5,497.5, is currently at 5,508.1, down 15 points or 0.3 percent from previous close.
In the banking space, ANZ Bank, Commonwealth Bank of Australia and National Australia Bank are lower by 0.2 to 0.6 percent, while Westpac (WBK) is advancing 0.5 percent. Bendigo & Adelaide Bank is up marginally and Bank of Queensland is declining 1.5 percent.
Among top miners, Rio Tinto (RIO) is down 2.5 percent. BHP Billiton (BHP) and Fortescue Metals are modestly lower, while Newcrest Mining is trading flat.
Primary Healthcare is declining more than 4 percent. Computershare is down nearly 4 percent. Carsales.Com, Recall Holdings, Arrium, ALS, Henderson Group, Treasury Wine Estates, Orora and Navitas are down 1.2 to 3 percent.
Goodman Fielder is down 0.5 percent after the company reported a full-year loss of $405.1 million.
Oz Minerals is declining more than 3 percent despite narrowing its half-year loss to $7.4 million from a loss of $268 million last year.
Meanwhile, Echo Entertainment Group shares are up nearly 4 percent after the company lifted its full-year net profit by 27 percent. Suncorp is up 3 percent after lifting its full-year profit almost 49 percent. CSL Limited shares are upnearly 3 percent on strong results.
Origin Energy, Alumina (AWC) and AMP are up 1.3 to 1.5 percent.
In economic news, consumer confidence in Australia improved in August, data from Westpac showed. The Westpac Melbourne Institute Index of Consumer Sentiment rose by 3.8 percent in August to 98.5 points, after hitting a two-year low in May.
Meanwhile, wage costs in Australia were up 0.6 percent on quarter in the second quarter of 2014, the Australian Bureau of Statistics said on Wednesday. That was shy of forecasts for an increase of 0.7 percent, which would have been unchanged from the first quarter.
On a yearly basis, wage costs climbed 2.6 percent - in line with expectations and unchanged from the previous three months.
In the currency market, the Australian dollar opened slightly higher against the U.S. dollar. The local unit is currently trading at US$0.9278, up from Tuesday's close of US$0.9253.
After opening on a negative note following a weak lead from Wall Street, the Japanese stock market recovered lost ground on data showing a less than forecast contraction in second-quarter GDP.
Worries about the situation in Ukraine appeared to be weighing on the market to some extent.
The benchmark Nikkei 225 index, which declined to 15,108.5 in early trades, was up 24.8 points or 0.2 percent at 15,186.10 at the end of the morning session.
Toho Zinc rose over 4 percent. Mitsui Chemicals, Mitsumi Electric and Mitsubishi Materials Corp. gained 3 to 3.3 percent.
Dentsu Inc moved up nearly 3 percent on strong earnings results. Pioneer Corp., Kawasaki Kisen Kaisha, Pacific Metals and NTN Corp. gained 2 to 2.8 percent.
Sony Corp. (SNE) advanced 2 percent following a notable rise in sales of its PlayStation 4 videogame consoles.
Nikon Corp., Taisei Corp., Softbank Corp., Mitsui Fudosan, Sumitomo Metal Mining, NEC Corp., Dowa Holdings Corp., Mitsubishi Chemical Holdings and Mitsui Mining & Smelting also posted strong gains.
Sharp Corp. added 0.7 percent on reports the company is likely to sell some of its real estate assets.
Among the losers, Sumitomo Dainippon Pharma declined 2.2 percent. Shionogi & Co., Amada Co., Kyowa Hakko Kirin, JTEKT Corp., Trend Micro, Eisai Co., Japan Tobacco, Tokyo Electric Power and Inpex Corp. were down 1 to 2 percent at the break.
On the economic front, Japan's gross domestic product tumbled by a less than expected 6.8 percent on year in the second quarter of 2014, the Cabinet Office said in Wednesday's preliminary reading. Forecasts were for a decline of 7.1 percent following the downwardly revised 6.1 percent gain in the first quarter.
On an annualized quarterly basis, GDP dipped 1.7 percent - also beating expectations for a contraction of 1.8 percent following the downwardly revised 1.5 percent increase in the previous three months.
The GDP deflator was up 2.0 percent on year, beating forecasts for 1.6 percent after easing 0.1 percent in the first quarter.
In the currency market, the U.S. dollar traded in the lower 102 yen level in early deals in Tokyo. The yen is currently trading at 102.30 to the U.S. dollar, little changed from Tuesday's close of 102.28 yen per dollar.
Among other markets in the Asia-Pacific region, Hong Kong, Shanghai and Singapore are trading weak, while Indonesia, South Korea and Taiwan are modestly higher. New Zealand is up marginally.
On Wall Street, stocks ended slightly weak on Tuesday amid relatively subdued activity with investors focusing on developments in Ukraine.
According to reports, Russia is sending a convoy of 280 trucks carrying humanitarian aid to eastern Ukraine. Officials from the Ukrainian government have suggested that the convoy will not be allowed to cross the border due to concerns that the aid may be used as a pretence for launching a military intervention.
The Dow edged down 9.4 points or 0.1 percent to 16,560.5, the Nasdaq declined 12.1 points or 0.3 percent to 4,389.2 and the S&P 500 slipped 3.2 points or 0.2 percent to 1,933.7.
Major European markets too closed lower on Tuesday. While the U.K.'s FTSE 100 index closed just below the unchanged line, the French CAC 40 index and the German DAX index declined by 0.9 percent and 1.2 percent, respectively.
U.S. crude oil ended lower on Tuesday, snapping a three-day gain, ahead of the official crude supply data due Wednesday, with investors continuing to keep a close watch on the developments in Ukraine and the Middle East.
Meanwhile, the International Energy Agency lowered its preliminary oil demand outlook for this year and 2015, contributing to a slip in oil prices.
Crude oil futures for September delivery ended down $0.71 or 0.7 percent at $97.37 a barrel on the New York Mercantile Exchange.
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